Trust Asset Management LLC Cuts Stake in Ameriprise Financial, Inc. (NYSE:AMP)

Trust Asset Management LLC decreased its stake in Ameriprise Financial, Inc. (NYSE:AMP) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,127 shares of the financial services provider’s stock after selling 103 shares during the period. Trust Asset Management LLC’s holdings in Ameriprise Financial were worth $546,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AMP. Brighton Jones LLC boosted its holdings in Ameriprise Financial by 6.9% in the 4th quarter. Brighton Jones LLC now owns 777 shares of the financial services provider’s stock worth $413,000 after acquiring an additional 50 shares during the period. Wellington Management Group LLP lifted its position in shares of Ameriprise Financial by 19.1% during the fourth quarter. Wellington Management Group LLP now owns 1,627 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 261 shares in the last quarter. Scotia Capital Inc. boosted its stake in shares of Ameriprise Financial by 263.5% in the fourth quarter. Scotia Capital Inc. now owns 1,585 shares of the financial services provider’s stock valued at $844,000 after purchasing an additional 1,149 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Ameriprise Financial by 14.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 74,654 shares of the financial services provider’s stock valued at $39,747,000 after purchasing an additional 9,662 shares in the last quarter. Finally, Sagespring Wealth Partners LLC purchased a new stake in Ameriprise Financial during the 4th quarter worth $540,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $504.51 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $47.56 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. Ameriprise Financial, Inc. has a twelve month low of $396.14 and a twelve month high of $582.05. The business has a 50 day simple moving average of $521.95 and a 200-day simple moving average of $508.80.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $9.00 by $0.11. The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.72 earnings per share. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 38.64 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial’s payout ratio is presently 19.91%.

Ameriprise Financial declared that its board has approved a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $4.50 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler upped their price objective on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research report on Thursday, July 3rd. Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. William Blair downgraded Ameriprise Financial from an “outperform” rating to a “market perform” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley lowered shares of Ameriprise Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $534.71.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.